The Vancouver Island Real Estate Board (VIREB) reports that single-family home sales in October 2017 rose by 16 per cent from one year ago but dipped 10 per cent from September.

Last month, 460 properties sold on the Multiple Listing Service® (MLS®) System compared to 398 one year ago and 511 in September.

When looking at these sales figures, however, it is important to note that 2016 was a banner year for real estate. Some market correction was expected in 2017, but sales activity in the VIREB area is still robust.

Further, VIREB attributes most of the decline in sales numbers to ongoing inventory challenges. In fact, although the supply of single-family homes for sale has been steadily rising each month since VIREB hit a historic low of 859 in December 2016, inventory in October was just 1,138, down two per cent from last year and eight per cent from September.

The British Columbia Real Estate Association (BCREA) reports that the housing market in British Columbia (B.C.), particularly in the southern half of the province, continues to thrive due to strong economic fundamentals. B.C.’s GDP is currently tracking at four per cent and is expected to average 3.7 per cent for the year.

Government policy decisions, including slightly higher interest rates and the new mortgage stress test, could affect the housing market in 2018, but it is too early to say in what way. These attempts to temper rising home prices – aimed mainly at overheated markets in Vancouver and Toronto – will likely be counterbalanced by demographic factors, such as baby boomers entering their retirement years, millennials purchasing their first homes, and interprovincial migration.

Janice Stromar, 2017 VIREB President, states that sales are still brisk throughout the VIREB area. “Looking purely at statistics, it appears that the market is cooling, but the opposite is true,” says Stromar. “Lack of inventory is certainly tempering sales, but what is available sells faster and for more money.”

Stromar adds that multiple offers are still occurring regularly, even on condominiums, townhouses, and mobile homes, which is unusual for the VIREB area. However, sellers still need to price their homes realistically. “Although many properties are selling above list price, sellers must set a reasonable price because consumers are savvy and may not look at an overpriced home,” says Stromar.

Connecting with a local REALTOR® is especially crucial in a competitive housing market, adds Stromar. “Our current market conditions can be confusing and chaotic for buyers and sellers, but REALTORS® have specialized knowledge of their communities that can help streamline the process to ensure the best possible outcome while mitigating associated risks,” says Stromar.

In October 2017, the benchmark price of a single-family home in the VIREB area rose to $463,800, up 17 per cent from one year ago. Benchmark pricing tracks the value of a typical home in the reported area. The benchmark price of an apartment last month rose to $272,300, up 28 per cent board-wide from the previous year, while the benchmark price of a townhouse hit $360,100, a 22 per cent increase from 2016.The October 2017 benchmark price of a single-family home in the Campbell River area was $366,800, an increase of 19 per cent over October 2016. In the Comox Valley, the benchmark price hit $466,200, up 20 per cent from last year. Duncan reported a benchmark price of $409,500, an increase of 14 per cent compared to October 2016.

Nanaimo’s benchmark price broke the $500,000 mark, rising 14 per cent to hit $501,400. The Parksville-Qualicum area saw its benchmark price increase by 17 per cent to $524,900, while the price of a benchmark home in Port Alberni was $253,600, up 18 per cent from one year ago.

Whether you’re at home sleeping or away on vacation, it’s important to know that your home is secure. A secure home is also much more attractive to potential buyers when it comes time to sell.

Smart lighting, remote locks and wireless cameras can all make your home safer; however, the issue of cyber criminals hacking into smart home systems is a valid concern so homeowners shouldn’t forget about the basics.

Eliminate potential hiding spots by trimming down bushes that are around your windows and doors. Most thieves are opportunists who see an open door or window and decide to take a chance and see what they can make off with.

Next, install strike plates on your doors to help protect the deadbolt from crowbars or kick attacks. Thieves want to get into your home as quickly as possible so if one forceful kick doesn't work, they’ll likely turn and run.

Windows are also popular break in points so install heavy sash or keyed locks. Installing an eyebolt in window corners also prevents the window from being opened from the outside. Glass block windows are an excellent choice as they look attractive, can't be opened and are extremely difficult to break.

Give the impression your home is lived in while you're away on vacation by installing a dusk-to-dawn porch light. Although technology allows you to control blinds and lights right from your smartphone, you'll still need to find someone to rake your leaves as there isn’t an app for that yet!

When it comes to home security, paying attention to the little things can often make a huge difference so take time to "case the joint" and list all the security failures that burglars would appreciate. Potential buyers will prefer a secure home as it's one less thing for them to worry about so you may as well do it sooner than later so that you can enjoy the benefits as well.

Feng shui is an ancient Chinese practice that helps achieve a harmonious living environment in order to promote happiness and prosperity. Here are a few ideas to enhance the energy flow around your home:

Think Outside the Nest - Birds bring great energy so add a few feeders and a bird bath in your backyard.

The Right Path - Place a few plants and wind chimes on your porch and make sure the path to your front door is unobstructed.

Fire & Ice - Essential oils, crystals, candles and water features such as fountains and fish bowls will bring calm and balance into your home.

Mirror, Mirror - The strategic placement of mirrors helps improve feng shui by drawing more sunlight into otherwise murky rooms and by expanding narrow areas such as hallways.

De-clutter - Clearing your home of clutter will introduce a smoother flow of energy. Clutter is a sign of trapped energy so be ruthless and get rid of everything you don’t need.

Feng shui emphasizes that our physical surroundings have an impact on our emotional well-being so it’s important to be aware of how we arrange our space. Buyers often feel certain vibes when they enter a home so a "harmonious feel" could be the difference between a quick sale and one that drags on.

Getting to know the people living around you offers plenty of benefits!

Research shows that there are many physical and mental health benefits to enjoying a sense of belonging. Here are a few ideas to help you build community spirit:

Rags to Riches - Organize a garage sale or clothing swap in your ‘hood. It’s also a great way to get rid of clutter!

Clean Green - Coordinate a park clean-up and then enjoy drinks and snacks that will hopefully be donated by a local business.

Book Smart - Build a “Little Library” at your local park or on your front lawn and enjoy watching people gather to exchange books.

Getting to know people who live close by will really improve your quality of life and foster a sense of belonging. Social media can also help build a safe, connected, friendly place to live by providing a platform to share events and ideas.

Are you sick of scouring the paper and MLS sites looking for homes? Tired of playing telephone tag with agents only to hear the home's already sold? Let me introduce you to my Private Client Server - complete with a password for you alone! Sit back, relax and let me do the work for you! Whenever a home matching your criteria hits the market, it'll be automatically flagged and emailed to you so you'll never have to worry about missing your dream home.

Properties are best discovered through conversation and more importantly, physically visiting the properties. Both can be arranged by contacting me directly.